[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6398 Enrolled Bill (ENR)]

        H.R.6398

                      One Hundred Eleventh Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

          Begun and held at the City of Washington on Tuesday,
             the fifth day of January, two thousand and ten


                                 An Act


 
  To require the Federal Deposit Insurance Corporation to fully insure 
                   Interest on Lawyers Trust Accounts.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. INTEREST ON LAWYERS TRUST ACCOUNTS.
    (a) In General.--Section 11(a)(1)(B)(iii) of the Federal Deposit 
Insurance Act, as added by section 343 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Public Law 111-203), is amended--
        (1) by redesignating subclauses (I), (II), and (III) as items 
    (aa), (bb), and (cc), respectively, and adjusting the margins 
    accordingly;
        (2) by striking ``means a deposit'' and inserting the 
    following:
            ``means--

                    ``(I) a deposit'';

        (3) in item (cc), as so redesignated, by striking the period at 
    the end and inserting ``; and''; and
        (4) by adding at the end the following:

                    ``(II) a trust account established by an attorney 
                or law firm on behalf of a client, commonly known as an 
                `Interest on Lawyers Trust Account', or a functionally 
                equivalent account, as determined by the 
                Corporation.''.

    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on December 31, 2010.
SEC. 2. DETERMINATION OF BUDGETARY EFFECTS.
    The budgetary effects of this Act, for the purpose of complying 
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by 
reference to the latest statement titled ``Budgetary Effects of PAYGO 
Legislation'' for this Act, submitted for printing in the Congressional 
Record by the Chairman of the House Budget Committee, provided that 
such statement has been submitted prior to the vote on passage.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.